As a participant in the Retirement Plan for Employees of Lufkin Gears LLC (“Plan”), you are eligible for the Special Election Window, a one-time opportunity to receive your Plan benefit as a lump sum payment or to receive your benefit as a monthly annuity in September 2023.
You have until August 14, 2023, to make your decision.
You have three options:
See page 2 of the Decision Guide for a summary of “Understand the implication,” which offers a comparison showing the different options and how they may impact you.
See page 3 of the Decision Guide for a summary of “What else to consider,” which suggests things to consider as you make your decision, including other sources of retirement income.
You are encouraged to consult with a financial advisor and/or tax advisor as you consider which payment option is best for you.
The Special Election Window is voluntary. If you do not respond by the August 14, 2023, deadline, you will continue to be eligible for your vested Plan benefit under the terms of the Plan, and you will continue to be eligible for the payment options available to you under the terms of the Plan.
Following this one-time window, the immediate lump sum option will not be available when you make a benefit election in the future (unless you are then eligible for a small lump sum benefit totaling less than $10,000).
First, read your Decision Guide.
In addition, soon we will post a recorded meeting that will provide an overview of your options and how to make your election.
If you change your mind before August 14, 2023, call the Lufkin Pension Transition Call Center at 844‑940‑2038. You cannot change your election after August 14, 2023.